Spain’s economy looking good

Spain’s economy will grow by 3.3 percent this year, up from the previously predicted 3.0 percent, according to a report presented on Wednesday by Spain’s second-biggest bank, BBVA. It said next year the Spanish economy will grow by 2.8 percent, as opposed to the previously predicted 2.7 percent. Rafael Domenech, from BBVA Research, said the latest data pointed to a “good performance” from the Spanish economy. He said that employment, disposable income, consolidation of the real estate sector, and exports had helped boost the country’s growth. According to BBVA Research, employment will rise by 2.9 percent in 2017, impacting on the country’s unemployment rate, which will fall to 17.1 percent this year and to 15.3 percent in 2018. Domenech said it was possible to reduce the unemployment rate to 11 percent by 2020, as the Spanish government hopes, pointing out that short-term jobs should be reduced.